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Bank of America(BAC), the largest private holder of delinquent mortgages, has made changes to its REO liquidations staff in recent months.
Matt Vernon, who moved from the originations side to REO executive in February 2010, returned to head up BofA's retail sales in October, after just eight months at the position. Rebecca Mairone, who previously headed all default servicing activity, now replaces Vernon to oversee the bank's REO distribution, a bank spokesman told HousingWire Friday.
Vernon told HousingWire in August that he and his team had implemented a new co-operate short sale program targeting 2,000 pre-screened homeowners at the time. One of Vernon's major responsibilities was adding new emphasis on short sales at the bank.
Bank of America does not report how much REO property it holds in its earnings. But in the third quarter of 2010, it did say it held $34.5 billion in nonperforming loans, leases and foreclosed properties. That was up 2.1% from the year before but down 2.9% from the previous quarter.
Vernon has been with BofA for 16 years and led the mortgage retail sales division before the company's merger with Countrywide. He will replace Tom Gamache, who left the company, according to the bank.
Write toJon Prior.
Follow him on Twitter: @JonAPrior

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